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Solutions to non problems that introduce larger problems are inherently bad solutions. Point 1) there are more bad actors wash trading, manipulating markets an
by vgeek 5y ago
Solutions to non problems that introduce larger problems are inherently bad solutions.
Point 1) there are more bad actors wash trading, manipulating markets and pump & dump scams involved in crypto than any other markets. (Even ignoring Tether, the common DAO exploits involving $xx,xxx,xxx+ of losses)
Point 2/3 are the same. There isn't an easy, well known way to do this for no fee to any country. WU is expensive and PayPal will block your account. Egold tried to solve this in the past, until fraud caused it to shutter. There are niche Fintech startups that likely address this for sub 0.5% fees, without the learning curve and exposure to currency exchange volatility. Gas and BTC fees show that they weren't really built with this consideration in mind, they just added hacky pseudo-solutions at a later date. I'm lost as to the "anonymous" part, since I had to do all types of AML/KYC stuff when I've opened accounts with popular exchanges, so there is likely an element of discoverability.
- lowkey 5y agoPoint 1) I don't believe you are describing Bitcoin, maybe altcoins, NFTs, DAOs but not Bitcoin. - wash trading: tell me who, how, and why is doing wash trading on Bitcoin? I would argue the only entities capable of moving markets with wash trading are major centralized exchanges, not whales. The Bitcoin market is too large to be meaningfully manipulated by whales via wash trading. If exchanges are wash trading, please cite evidence. I'm not saying it doesn't happen in other cryptocurrencies, just that it doesn't happen with Bitcoin. - manipulating market: again not sure what your claim is here related to Bitcoin? Who manipulates the Bitcoin market? How do they manipulate it? For what purpose? - pump & dump scams: again, what does this have to do with Bitcoin? Agree there is a lot of pump-n-dump activity in low-cap altcoins, just like there are pump-n-dumps in low-cap OTC stocks. For pump-n-dumps to work the market cap needs to be small enough for manipulators to manipulate. Who is capable of manipulating the $1 Trillion dollar Bitcoin market? Point 2/3) I may be misunderstanding what you mean (please correct me). If you are saying that digital payments and remittances are not a solved problem even with Bitcoin, well today I can send Bitcoin or Bitcoin over Lightning to anyone anywhere for less than an ATM fee. I could also send stablecoins instead or convert Bitcoin to Stablecoins and back without KYC using a self-custody wallet. Please help me understand what you mean by Point 2/3. Did I understand you comment correctly? Disclosure: I work for a startup (www.liquality.io) that has built tech into a self-custody wallet that allows you to swap any crypto to any other without KYC or added fees. We have several competitors so this space is rea